Cytokinetics’ (CYTK) Outperform Rating Reaffirmed at Royal Bank Of Canada

Royal Bank Of Canada restated their outperform rating on shares of Cytokinetics (NASDAQ:CYTK) in a report published on Wednesday,Benzinga reports. The brokerage currently has a $95.00 price objective on the biopharmaceutical company’s stock.

Several other brokerages have also recently weighed in on CYTK. Needham & Company LLC raised their price target on shares of Cytokinetics from $72.00 to $84.00 and gave the company a “buy” rating in a research report on Monday, December 22nd. Morgan Stanley set a $90.00 price objective on Cytokinetics in a research note on Thursday, January 8th. B. Riley lifted their target price on Cytokinetics from $90.00 to $108.00 and gave the company a “buy” rating in a research report on Wednesday. Truist Financial set a $84.00 price target on Cytokinetics in a report on Monday, December 22nd. Finally, Jefferies Financial Group restated a “buy” rating and set a $90.00 price objective on shares of Cytokinetics in a research note on Friday, January 9th. Sixteen research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $87.00.

Cytokinetics Stock Down 1.2%

NASDAQ CYTK opened at $63.04 on Wednesday. Cytokinetics has a 52 week low of $29.31 and a 52 week high of $70.98. The business has a 50 day moving average price of $64.00 and a 200-day moving average price of $53.37. The company has a market cap of $7.71 billion, a price-to-earnings ratio of -10.02 and a beta of 0.55.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings data on Wednesday, November 5th. The biopharmaceutical company reported ($1.54) earnings per share for the quarter, topping the consensus estimate of ($1.59) by $0.05. The business had revenue of $1.94 million for the quarter, compared to analyst estimates of $6.05 million. During the same quarter in the previous year, the company posted ($1.36) EPS. The business’s quarterly revenue was up 318.1% on a year-over-year basis. On average, equities research analysts anticipate that Cytokinetics will post -5.24 earnings per share for the current year.

Insider Buying and Selling at Cytokinetics

In related news, EVP Andrew Callos sold 15,000 shares of the business’s stock in a transaction dated Monday, January 5th. The shares were sold at an average price of $60.28, for a total value of $904,200.00. Following the transaction, the executive vice president directly owned 50,440 shares of the company’s stock, valued at approximately $3,040,523.20. The trade was a 22.92% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Fady Ibraham Malik sold 2,200 shares of the firm’s stock in a transaction dated Tuesday, December 16th. The stock was sold at an average price of $61.24, for a total transaction of $134,728.00. Following the sale, the executive vice president owned 138,552 shares of the company’s stock, valued at $8,484,924.48. This trade represents a 1.56% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 159,544 shares of company stock valued at $10,347,509 in the last ninety days. 2.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Quarry LP purchased a new stake in shares of Cytokinetics during the 3rd quarter worth approximately $30,000. Advisory Services Network LLC purchased a new stake in Cytokinetics in the third quarter worth $32,000. Johnson Financial Group Inc. purchased a new stake in Cytokinetics in the third quarter worth $40,000. EverSource Wealth Advisors LLC raised its stake in shares of Cytokinetics by 723.7% in the second quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company’s stock valued at $25,000 after buying an additional 673 shares during the period. Finally, Aster Capital Management DIFC Ltd purchased a new position in shares of Cytokinetics during the 3rd quarter valued at $45,000.

Cytokinetics Company Profile

Cytokinetics, Inc is a late‐stage biopharmaceutical company focused on the discovery and development of novel small‐molecule therapeutics that modulate muscle function. Founded in 1998 and headquartered in South San Francisco, California, the company applies its proprietary insights in muscle biology to address diseases characterized by impaired muscle performance. Its research spans both cardiac and skeletal muscle targets, aiming to deliver innovative medicines for conditions with significant unmet medical need.

The company’s most advanced program, omecamtiv mecarbil, is being evaluated for the treatment of heart failure by enhancing cardiac muscle contractility.